We’ll reduce banks’ domination in capital market – SEC
The Acting Director-General, Securities and Exchange Commission, Ms Mary Uduk, has said the commission will reduce the domination of banks in the nation’s capital market.
Uduk, while speaking at the 2018 Journalists’ Academy in Uyo on Thursday, said the market was highly concentrated and dominated by the banking sector.
She said banks constituted about 60 per cent of the market as at 2003 to 2007, adding that 15 out of 20 most capitalised companies were banks.
Uduk noted that risk management and corporate governance were not developed enough to support the fast growth of the market, thereby leading to inappropriate market behaviour and abuse of margin lending.
She stated that the commission remained committed to developing the capital market in line with the 10-year master plan.
Speaking on the theme, ‘Capital market master plan: The journey so far’, Uduk noted that most investors had lost their confidence in the capital market and were yet to return as a result of the market crash in 2008.
She said, “The commission, with 101 initiatives, has the potential to expedite the implementation of the 10 year- master plan.